THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.7B - RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY

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History

Pt 5.7B inserted by No 210 of 1992, s 111 (effective 23 June 1993).

CCH Note: See s 1383(7).

Division 2 - Voidable transactions

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History

Heading inserted by No 210 of 1992, s 111 (effective 23 June 1993).

SECTION 588FC   INSOLVENT TRANSACTIONS  

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588FC    A transaction of a company is an insolvent transaction of the company if, and only if, it is an unfair preference given by the company, or an uncommercial transaction of the company, and:

(a)  any of the following happens at a time when the company is insolvent:

(i) the transaction is entered into;

(ii) an act is done, or an omission is made, for the purpose of giving effect to the transaction; or

(b)  the company becomes insolvent because of, or because of matters including:

(i) entering into the transaction; or

(ii) a person doing an act, or making an omission, for the purpose of giving effect to the transaction.

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History

S 588FC inserted by No 210 of 1992, s 111 (effective 23 June 1993).

CCH Note: See s 1383(7).

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